Acadia Healthcare vs Option Care Health
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The short version
- Option Care Health is the larger business, with $5.6B of revenue in fiscal 2025 against $3.3B for Acadia Healthcare, about 1.7 times as much.
- Option Care Health grew revenue faster (13.0%, against 5.0%).
- Option Care Health turned more of its sales into free cash flow (3.8% FCF margin, against −13.3%).
- Option Care Health earned a higher return on the capital invested in it (11.4%, against −16.0%).
| Latest fiscal year | ACHC · FY25 | OPCH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.9B | $4.9B |
| Revenue | $3.3B | $5.6B |
| Free cash flow | −$440M | $217M |
| Net income | −$1.1B | $208M |
| Growth | ||
| Revenue growth | 5.0% | 13.0% |
| 5-year growth | 9.7% | 13.3% |
| Share count change | −1.5% | −5.5% |
| Profitability | ||
| Gross margin | — | 19.3% |
| Operating margin | — | 6.0% |
| Net margin | −33.3% | 3.7% |
| FCF margin | −13.3% | 3.8% |
| Return on capital | −16.0% | 11.4% |
| Return on equity | −43.9% | 15.2% |
| Balance sheet | ||
| Net debt | $2.4B | $928M |
| Net debt / EBITDA | — | 2.3x |
| Dividends and buybacks | $50.0M | $310M |
| Valuation & quality | ||
| P/E | — | 24.4x |
| Piotroski F-score | 4 | 5 |
Revenue
FY16
ACHC $2.8B
OPCH $936M
FY17
ACHC $2.8B
OPCH $1.8B
FY18
ACHC $1.9B
OPCH $1.9B
FY19
ACHC $2.0B
OPCH $2.3B
FY20
ACHC $2.1B
OPCH $3.0B
FY21
ACHC $2.3B
OPCH $3.4B
FY22
ACHC $2.6B
OPCH $3.9B
FY23
ACHC $2.9B
OPCH $4.3B
FY24
ACHC $3.2B
OPCH $5.0B
FY25
ACHC $3.3B
OPCH $5.6B
ACHC
OPCH
Operating margin
FY16
ACHC 21.7%
OPCH −1.2%
FY17
ACHC 21.3%
OPCH 1.5%
FY18
ACHC 31.2%
OPCH 2.0%
FY19
ACHC 29.2%
OPCH −0.0%
FY20
ACHC —
OPCH 3.7%
FY21
ACHC —
OPCH 5.6%
FY22
ACHC —
OPCH 6.1%
FY23
ACHC —
OPCH 7.3%
FY24
ACHC —
OPCH 6.4%
FY25
ACHC —
OPCH 6.0%
ACHC
OPCH
Free cash flow
FY16
ACHC $54.0M
OPCH —
FY17
ACHC $125M
OPCH $12.9M
FY18
ACHC $161M
OPCH −$1.9M
FY19
ACHC $100M
OPCH $11.2M
FY20
ACHC $434M
OPCH $101M
FY21
ACHC $130M
OPCH $183M
FY22
ACHC $84.4M
OPCH $232M
FY23
ACHC $38.2M
OPCH $329M
FY24
ACHC −$561M
OPCH $288M
FY25
ACHC −$440M
OPCH $217M
ACHC
OPCH
Return on capital
FY16
ACHC 6.5%
OPCH −1.3%
FY17
ACHC 9.1%
OPCH 2.0%
FY18
ACHC 9.0%
OPCH 2.8%
FY19
ACHC 7.2%
OPCH −0.0%
FY20
ACHC 4.9%
OPCH 4.2%
FY21
ACHC 6.5%
OPCH 9.2%
FY22
ACHC 8.2%
OPCH 8.2%
FY23
ACHC 1.1%
OPCH 10.9%
FY24
ACHC 7.8%
OPCH 11.3%
FY25
ACHC −16.0%
OPCH 11.4%
ACHC
OPCH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.